Which of the Following Statements Is Correct

question 28

Multiple Choice

Which of the following statements is correct?

• A)FIFO reports lower income amounts than LIFO when prices are increasing.
• B)LIFO reports a higher income amount than FIFO when prices are increasing.
• C)LIFO reports a higher income amount than FIFO when prices are decreasing.
• D)LIFO reports the same amount of income as FIFO when prices are increasing.

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